WATCH OUT FOLKS, Bitcoin has broken through the top of the parallel trading channel and this *could* be a significant move! I have had my eyes on what I thought was a rather sloppy ascending triangle formation for the past couple of days, but wrote it off as a non-event. Well, it looks like it was an ascending triangle, and it broke out near its apex like most of these do. This lines up with my previous post where I luckily predicted Bitcoin moving up one more time before a rejection at the top of the trading channel. Well, the second push was right. But the rejection at the top of the trading channel was WRONG!
What does this mean for the foreseeable future though?
It could mean 2 things:
1) The start of a parabolic move to the up-side that could test the June 2019 all-time high. Or,
2) A head fake Bull Trap that will break nearly everyone's will when price plummets to the new all-time low since this time last year.
I honestly don't have a feeling for how this will turn out. Up until now, I have not been satisfied with ANY evidence of a potential market reversal. But this breakout clearly is a legitimate contender for market moves that should be considered and respected as evidence of a possible turnaround.
I'm going to go to sleep on this one, and for the first time in a LONG time, I will be checking the price of BTC as soon as I wake up in the morning and grab my smartphone off of the night stand!
Carlton Flowers
The CrytpoPro
What does this mean for the foreseeable future though?
It could mean 2 things:
1) The start of a parabolic move to the up-side that could test the June 2019 all-time high. Or,
2) A head fake Bull Trap that will break nearly everyone's will when price plummets to the new all-time low since this time last year.
I honestly don't have a feeling for how this will turn out. Up until now, I have not been satisfied with ANY evidence of a potential market reversal. But this breakout clearly is a legitimate contender for market moves that should be considered and respected as evidence of a possible turnaround.
I'm going to go to sleep on this one, and for the first time in a LONG time, I will be checking the price of BTC as soon as I wake up in the morning and grab my smartphone off of the night stand!
Carlton Flowers
The CrytpoPro